March 2009 "Around Town" Whats Happening in Real Estate

Dear Friend

If you've been waiting for the Seller's Market to return  - wait no longer! In the first quarter of this year, several towns and counties in Northern Virginia have entered the sellers market territory with a less than 3 month supply of homes available to home shoppers. Buyers have been leaping off the sidelines for months to snatch up houses that have had a 5-year back up in pricing. For instance, this activity has reduced the standing inventory in Fairfax County down from a 6.54 month supply in March 2008 to a 2.94 month supply today. Heres how the regional absorption rates look.

                              Northern Virginia:   3.14 Months

                              Arlington County:   4.33 Months

                              Loudoun County:    3.31 Months

                              Alexandria City:      3.18 Months

                              Fairfax County:       2.94 Months

                              Prince William Co:  2.03 Months

So what? If you or anyone in your family is a first time buyer - get off the fence! The federal government is offering an $8,000 tax credit (with no payback required!) Prices are still very affordable. And there is also $0 down payment financing available for first-time home buyers as well - coupled with the $8,000 tax credit. The credit is available on homes settled by December1, 2009.

 If you're a move-up buyer - now may be the time. If you bought before 2003, you most likely have the equity necessary to make that move up while the time is right - prices are lower than in 6years; interest rates are lingering in the 5% range, and there's inventory still available.

Prices are starting to move up, however. Homes in the lower end are beginning to sell at or above asking price. Meanwhile, average sales prices are selling at 96% of asking prices. As the market tightens, those price increases will start creeping up higher end homes as well.

 Give me a call now to find out the value of your current home and see if you should take advantage of this time for you to make that next move. And as always - I'm never too busy for your referrals.

GOING GREEN TIP 

I received an email from a friend recently they shared with me this amazing site to help stop our landfills becoming TRASHED! http://www.freestyle.org

From this site you can connect with people that live in your neighborhood and advertise (for free) what you consider your "trash" but could be exactly another persons treasure. Check it out you will glad you did!